janlok pratishthan meetin… · janlok pratishthan has been receiving complains and issues faced by...

JanlokPratishthan

JanlokPratishthanMeetingWithSEBI/LodhaCommittee.

Date:March6,2019Subject:PACLInvestorOnlineClaim

RegistrationIssue.

Introduction.

1. JanlokPratishthanhasbeenreceivingcomplainsandissuesfacedbyPACLinvestorsfromalloverIndiaviaphonecalls,textmessages,emails,sincetheHon’bleLodhaCommitteecommencedtheonlineclaimregistrationprocessonSEBI’sofficialwebsite.

2. Theissuesmentionedinthereportandtoday’smeetingarenotanecdotaloroneoffoccurrences.HundredsofthousandsofPACLinvestorsarefacingtheseissuesintherefundclaimregistrationprocess.

Problem1.

Problem1.

Problem1.

• SEBI’sPACLclaimregistrationportaldoesnotwork90%ofthetime.

• Takes3-4hourstoregisterasingleclaim.• Manyinvestorstriedusingtheportallatenightbuttheportaldoesnotfunctionatallorisextremelyslowevenatthosehours.

Problem2.

Problem2.

•AfteraninvestorinsertstheoriginalPACLcertificatenumber,theportaldisplaysthefollowingmessage:

“PleaseregisterthisPACLnumber”

Problem3.

Problem3.

•AfteraninvestorenterstheoriginalPACLcertificatenumberforthefirsttime,youronlineportaldisplaysthefollowingmessage:

“Pleasecontactsystemadmin.”

Problem4.

Problem4.

•WhenaninvestorinsertstheoriginalPACLcertificatenumber,yourportaldisplaysthefollowingmessage:

“ThisPACLnumberdoesnotexistasperourrecords”

Problem5.

Problem5.

• IncaseofaFDcertificate,wheninvestorsenterthedepositamount(principalamount)astheclaimamount,yourportaldisplaysthefollowingmessage:“Totalamountofuploadedreceiptsshouldnotbe

greaterthantotalclaimamount”.• Thisisnotapossibilityastheclaimamountandthedepositedamount(principalamount)isthesame.

Problem6.(PanCard)

(i) AsubstantialmajorityofPACLinvestorsarenotwelleducatedanddonothaveapancard.Anditisnotpossibletogetapancard withinsuchashorttime

(ii) Investorsabove60yearsofagecannotgetorregisterforapancard.

(iii)Theinvestmentisinthenameofaminoranddoeshavenotapancard.

(iv)Pancard shouldhaveotherformsofsubstituteIDssuchasdrivinglicense,votingcard,adhar,etc.

Problem7.(Mostprominentlyraisedissue)

AhugemajorityofPACLinvestorsliveintheruralareasandtheydonothaveaccesstotheinternet,computerorasmartphone.

Henceitiscrucialthatsuchpeoplehaveandoptionofregisteringtheirclaimsofflineoronewhichdoesnotrequire a computer,smartphoneortheInternet.

Problem8.(PostalAccounts/IFSC)

•Alargemajorityofruralinvestorsdonothavebankaccounts.• Suchruralinvestorshavean accountsintheirregionalpostofficeswhichdoes notprovideIFSC.• Theruralcommunityofmanystateshavehighlyaskedtoaddtheirpostalaccountssoreceivetheirrefunds.

Problem9.(FDClaimRegistration)

• IncaseofFDclaimregistrationpleaseclarify,whichamounts/figures shouldtheinvestorsenterinthefollowingstagesoftheprocess:

Step1- TOTALCLAIMAMOUNT?Step4- RECEIPT AMOUNT?

Problem10.(Diseased/मतृ ClaimantandNominee)

•Howcanthefamilymembersoftheinvestorsregistertheirclaimsincaseswhere,theinvestor/claimantandthenomineearebothdead?

Problem11.(Diseased/मतृ Claimant,Nomineeunknown)

Howcanfamilymembersregistertheirclaims,IncaseswherethecertificatesaresubmittedinCSC,thecustomerhaspassedawayandthefamilymembershavenoideasofthenameofthenominee?

Problem12.(NameChangepostMarriage)

•ManyfemaleinvestorshaveIDswithnewLastNameandMiddleNamepostmarriage.

• Therehastobeprovisionforthesecasestoo.

Problem13.(TypographicalError)

• TherearetypographicalerrorsinthenameofinvestorsonthePACLcertificates,thusthenameontheinvestor’sIDsdonotmatchwiththenameontheirPACLcertificates/Receipts.

•Howcansuchinvestorsprocesstheirclaims?

Problem14.(ReinvestmentCases)

•Whataboutthelargemajorityof reinvestmentcasesthatarestuckinCSC?

• ReinvestingthematurityamountwasaverycommonpracticeamongPACLinvestorsandalargenumberofpeoplehavereinvestmentrelatedclaims,whichcannotbeignored.

15.(VerificationSystemandDatabase)

•WhichsystemanddatabaseisSEBIusingtoverifythedocumentsandcertificatenumberssubmittedbyPACLinvestors?

• IfSEBIhasadatabasewhichitisusingtoverifytheclaims,thenwhydoesSEBIrequirethePACLinvestmentreceiptsandcertificatesfromthecustomers?

Received.

SubmittedbyJanlokPratishthanReceivedbySEBIandHon’bleLodhaCommitteeforPACL.

Signature/Stamp